GBP/USD Price Analysis: It is make-or-break time

GBP/USD bears seek a failure at the M-formation's neckline.
The dynamic support could come under significant pressure.

Ross J Burland FXStreet

The price of GBP is on the verge of either a significant upside continuation or a downside breakout.

The following chart illustrates the correction of the last bearish attempt to the neckline of the prior M-formation.

The neckline is a critical resistance that guards a significant upside continuation against the support of the dynamic trendline support and the once bullish now turning neutral 21-EMA.

However, failures of the resistance, considering the double top highs, will open prospects of a retest of the downside breakout below the trendline and the 21-EMA.

4-hour chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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